FRM二级模拟题精选:Subprime crisis

A credit manager overseeing the structured credit book of a bank works on identifying the frictions in the securitization process that caused the recent subprime mortgage crisis in the United States.Of the following frictions in the securitization process,which one was not a cause of the subprime crisis?
a.Frictions between the mortgagor and the originator:predatory lending.
b.Frictions between the originator and the arranger:predatory borrowing and lending.
c.Frictions between the servicer and asset manager:moral hazard.
d.Frictions between the asset manager and investor:principal-agent conflict.